MetaBank Announces Partnership for Personal Healthcare Loans
Apr 03, 2018 09:23PM ● Published by Alyssa McGinnis
Sioux Falls-based MetaBank a wholly-owned subsidiary of Meta Financial Group, Inc. has announced a new, three-year agreement with patient financing company Health Credit Services. MetaBank will approve and originate loans for elective procedures for HCS provider offices throughout the country. HCS will work with its provider partners to market the loans, as well as provide servicing for them. Over the course of this relationship, MetaBank expects to originate at least several hundred million dollars in personal loans.
“Health Credit Services is a creative, solutions-driven partner for thousands of medical patients throughout the country, and we couldn’t be more excited to work with them to deliver a seamless experience to those patients,” said Brent Turner, MetaBank Executive Vice President and Head of Consumer Lending. “We look forward to leveraging our origination and underwriting platform to help them grow, differentiate themselves in the healthcare financing industry and continue to serve these patients.”
This relationship is part of Meta’s continued investment in consumer lending, following the 2016 acquisition of Specialty Consumer Services (“SCS”), now a division of MetaBank. Through the acquisition, MetaBank acquired a platform that provides a total solution for marketplace lending, including underwriting and loan management. Since then, Meta has invested in additional personnel and technology enhancements to enrich its market offerings.
“In our rapidly evolving healthcare environment, modern consumers carry a financial burden of more than $486 billion in out-of-pocket costs,” said Hans Zandhuis, CEO of HCS. “MetaBank provides a platform that supports our unique product growth plans. Our partnership is expected to increase access to quality-of-life medical procedure financing, giving patients the opportunity to easily and responsibly manage their healthcare expenses.”